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City Council Resolution 1987-04RESOLUTION 87- 4 A RESOLUTION ADOPTING A MODIFICATION OF AN EXISTING TAX INCREMENT FINANCING REDEVELOPMENT DISTRICT PURSUANT TO THE PROVISIONS OF SECTION 273.71 TO 273.78 INCLUSIVE OF THE MINNESOTA STATUTES AND AMENDING THE FINANCING PLAN FOR SAID TAX INCREMENT FINANCING DISTRICT WHEREAS, the City Council of the City of Monticello, Minnesota, has determined the need to modify the finance plan of an existing tax increment financing district pursuant to Minnesota Statutes, Section 273.71 to 273.78 inclusive, within the redevelopment project modification area created pursuant to Minnesota Statutes, Chapter 462.411 et seq.; and WHEREAS, the City Council of the City of Monticello, found in 1982 that the tax increment financing district to was an economic development district pursuant to Minnesota Section 273.73, Subdivision 12; and WHEREAS, the proposed modification to the finance plan will result in the preservation and enhancement of the tax base of the City; and WHEREAS, the Planning Commission has reviewed the proposed modification of the tax increment financing district; and WHEREAS, the members of the School Board of Education of the Local Independent School District #882 and the Board of Commissioners of the County of Wright have been informed of the fiscal and economic implications of the proposed tax increment financing redevelopment district modification; and WHEREAS, a public hearing was held on January 26, 19$7, at 7:30 o'clock p.m. before the City Council in the Council Chambers in the City Hall, in Monticello, Minnesota, notice of which has been published once in the official newspaper for the City, not less than ten, nor more than thirty days prior to January 26, 1987; and WHEREAS, at said public hearing all persons and parties were given full opportunity to present written or oral testimony, comments, objections, suggestions, and other matters, all of which were duly considered by the Council; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF MONTICELLO that the City of Monticello does hereby modify the existing tax increment financing redevelopment district, and amend the financing plan for said modified tax increment financing economic development district and finds: Minnesota, be modified Statutes, Lution 87- 4 2 1. That the tax increment financing district as modified herein is a tax increment financing redevelopment district since the construction of the 24 and 30 unit apartment structures will increase the assessed value and thus preserve and enhance the tax base of the City, and will allow the recovery and rehabilitation of blighted and unsuitable lands. 2. That the proposed redevelopment within the tax increment financing district as modified herein would not have reasonably been expected to occur solely through private investment because, in the opinion of the City, the cost associated with land reclamation and public improvements would be prohibitive. 3. That the Planning Commission has reviewed the tax increment financing plan as modified herein and it conforms to the general plan for the development of the municipality as a whole because it will result in an increase in the City~s commercial and housing activity. 4. That the tax increment financing plan as modified herein will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development by private enterprise as it will enable the City to assist the developer with the construction of two multiple housing structures by providing a suitable site for development. The City Council of the City of Monticello, Minnesota, does hereby approve the modification #1 to the Tax Increment District #5 and financing plan. Adopted by the City Council this 9th day of February, 1987. ~~'" Arve A. Grimsmo, Mayor Att s=-" .. Thomas A. Eidem City Administrator